Hyderabad: All India Bank Employees’ Association (AIBEA) on Friday demanded the Centre reconsider their decision of the proposed privatization of two Public Sector Banks (PSBs) as announced by Finance Minister Nirmala Sitharaman in the Budget on February 1.
In a release, which is mailed to UNI, AIBEA General Secretary Ch Venkatachalam said about 10 lakh bank employees and officers, under the banner of United Forum of Bank Unions (UFBU), consisting of 9 unions — AIBEA, AIBOC, NCBE, AIBOA, BEFI, INBEF, INBOC, NOBW, NOBO, are on agitation by staging dharnas in all the State Capitals on the issue Friday.
He said after independence, when the country was suffering from lack of development, the then private banks did not come forward to help in economic development. Hence in 1969, major private banks were nationalized.
Since then, Banks have made great strides and played a significant role in our country’s development, he added.
Venkatachalam said from 8000 branches in 1969, today we have 100,000 branches, many of them in the villages and added that from 5000 crores of Deposits, today PSBs have 91,00,000 crores of deposits.
From 3,500 crores of advances today, Banks have given 60,000 crores of loans, mainly given to the priority sector up to 40 per cent. All the Banks are earning profits. From 2010 to 2020, in 10 years, public sector banks have earned a total profit of Rs. 14,57,000 crores, he added.
